OFG Bancorp (NYSE:OFG) Posts Earnings Results

OFG Bancorp (NYSE:OFG - Get Free Report) released its quarterly earnings results on Thursday. The bank reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.10, Zacks reports. The business had revenue of $182.20 million during the quarter, compared to analysts' expectations of $181.50 million. OFG Bancorp had a return on equity of 14.97% and a net margin of 22.06%. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 EPS.

OFG Bancorp Stock Performance

Shares of OFG Bancorp stock traded down $0.55 on Friday, hitting $44.92. The stock had a trading volume of 262,802 shares, compared to its average volume of 311,950. OFG Bancorp has a 52-week low of $33.15 and a 52-week high of $47.66. The company has a current ratio of 0.87, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34. The stock has a market cap of $2.02 billion, a price-to-earnings ratio of 10.59 and a beta of 0.75. The company's 50 day moving average price is $42.57 and its 200 day moving average price is $41.24.

OFG Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date was Monday, June 30th. OFG Bancorp's dividend payout ratio (DPR) is 28.30%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on OFG shares. Wall Street Zen raised OFG Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday. Hovde Group decreased their price target on OFG Bancorp from $53.50 to $50.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company lifted their target price on OFG Bancorp from $42.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 10th. Piper Sandler decreased their target price on OFG Bancorp from $44.00 to $42.00 and set an "overweight" rating for the company in a research report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods boosted their price target on OFG Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, OFG Bancorp has an average rating of "Moderate Buy" and an average price target of $47.50.

Insider Transactions at OFG Bancorp

In related news, CFO Maritza Arizmendi sold 5,000 shares of the business's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $41.44, for a total value of $207,200.00. Following the transaction, the chief financial officer owned 63,470 shares in the company, valued at $2,630,196.80. The trade was a 7.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On OFG Bancorp

An institutional investor recently raised its position in OFG Bancorp stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in OFG Bancorp (NYSE:OFG - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,719 shares of the bank's stock after buying an additional 552 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.06% of OFG Bancorp worth $1,069,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 92.73% of the company's stock.

OFG Bancorp Company Profile

OFG Bancorp, a financial holding company, provides a range of banking and financial services. It operates through three segments: Banking, Wealth Management, and Treasury. The company offers checking and savings accounts, and individual retirement accounts; certificate of deposits, as well as time deposit products; commercial, consumer, auto leasing, and mortgage lending services; credit cards; cash management; financial planning and insurance services; and corporate and individual trust, and retirement services.